Mining Bitcoin

Unfortunately, I started mining with my own hardware only 4 weeks ago, so i missed the “great times” where mining was easy and you could not lose money. Today its a bit more complicated – you have ASICs (Application Specific Integrated Circuits) mining hardware, which is designed for mining SHA-256 coins (=Bitcoin) in the 3rd generation like the antminer s4, next year the 4th generation will be released with more power and less energy consumption. But so i can give you very actual numbers for december 2014 that i have proved and you can profit from this brand new numbers.

Botcoin Affiliate Network pays you a fixed price per share when you apply your mining power here. The payouts are every 2 hours, so you can easily check when there are problems and your payouts don’t arrive every 2 hours you could switch your miners to another pool until your payment arrives. You automatically mine additional Namecoins in merged mining when using Bitcoin Affiliate Network which you can transfer to your namecoin address and sell on one of the cryptocurrencies internet exchanges.

Once this is configured you’ll basically start mining for Bitcoins. You will actually start collections shares which represent your part of the work in finding the next block. According to the pool you’ve chosen you will be paid for your share of coins – just make sure that you enter your address in the required fields when signing up to the pool. Here’s a full video of me mining in action:

First we calculate what is the expected daily income with our Antminer S4 with 2TH/s. If it would take 980.58 days to find a block and earn the coin value of a block, if we join a mining pool and add our power then we would have an expected earn of 1 / 980.58 = 0.00101980460 share on a block each day.

Discus Fish is actually the biggest mining pool of the Bitcoin network. Discus Fish also pays you a fixed amount for your hashing power, but you see only the actual earnings, earnings of the last 24 hours and sum of your payouts, so the statistic part of the user interface is a bit undervalued there? But Discus Fish is my favorite pool for mining Litecoin (LTC), if you have a scrypt miner and want to mine Litecoins, you can use port 8888 of the mining URL for LTC mining.

You’re missing the point of Bitcoin if you feel left out. You can be as involved as you want to be, just go make something happen. Find something you think needs doing, recruit some people to help if you need help, and do it. Are you waiting for an invitation or permission from somebody? — Gavin Andresen, Lead Bitcoin Developer.

This service offers guaranteed insured 5 year contracts at ridiculously low prices. If you are looking for a long-term Bitcoin investment for very little upfront (Starting at 0.0083 Bitcoins/GHZ – That’s currently $5.00 USD), I would definitely recommend this site!

This is the cloud hosting service that I personally use. It offers some of the lowest cost-per gHash/s, has a mining pool built in, and allows you to freely sell and buy gHash/s from other members (like the stock market). This means that you can buy mining power, make money Bitcoin mining, then sell your gHash/s to other users when you feel like you want to invest your money elsewhere.

One of the biggest problems I ran into when I was looking to start mining Bitcoin for investment and profit was most of the sites were written for the advanced user. I am not a professional coder, I have no experience with Ubuntu, Linux and minimal experience with Mac. So, this is for the individual or group that wants to get started the easy way.

But how do you get bitcoins? You can begin by buying them outright, but the market is currently wild. At $188 per coin, the direction of the bitcoin is anyone’s guess right now and, unlike equities, these things don’t split. In short, you should probably mine. But what is bitcoin mining?

So compared to our expected average maximum daily earnings of 0.025546 BTC with 2TH/s – which – unrealistically – did not include any network fees and would assume, that each mining pool would provide everything for free, i got the following real-life earnings in the last 14 days:

For beeing the second biggest pool in Bitcoin network, the performance is poor. Officially there is a 0% pool fee, but if you watch the results – strange. Maybe the 14 day test was a bad luck period for GHASH. With GHASH Bitcoin mining you also automatically mine for Namecoins. GHASH offers also LTC+DOGE and Multipool mining for scrypt miners. GHASH is part of the cryptocurrency exchange CEX.IO, so you can exchange your mined NMC, LTC, DOGE and other currencies with only some clicks.

Using gainbitcoins mining services for over 3 months now, they have proven to be a reliable and trustworthy business partner. Their transparent daily mining & referral payouts and high quality software infrastructure has resulted in a great and unique product which is surely a very profitable experience for everybody interested in bitcoin mining.

Since SilkRoad is gone I might start bit mining(reason I didn’t start was it was connected)… I was wondering on average how many bitcoin a rig with these specs would generate on your ‘Shared computation pool’ per 12 hour shift….I cant figure it out at the moment because im reduced to my tablet till my machine is running. Hope to hear back from you. Thanks for your time :3